BoI explains roles in NG-CARES stimulus programme

• Published date: 16 January 2023
• Publication title: Nigeria - The Nation

The Bank of Industry (BoI) has clarified its roles in the implementation and disbursements grants under the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme (NG-CARES).

In a statement, the bank explained that NG-CARES was an initiative of the World Bank and the Federal Government of Nigeria, to support the recovery of communities, households, and businesses affected by COVID-19.

The programme was, however, state-owned, as state governments were responsible for funding and selection of beneficiaries.

According to the bank, the funding arrangement allowed each state the autonomy to allocate their preferred grant sizes and number of grants across different programme components as approved by the World Bank.

'Based on the Bank of Industry's (BoI) successful track record of building field networks and technology infrastructure for the transparent implementation of MSME intervention programmes, the World Bank nominated the bank to provide this infrastructure for the delivery of the MSME Component of NG-CARES (RA3) nationwide.

'Following this nomination, 28 out of 33 states chose BoI as their preferred execution...